Just months after Grail raised a $900 million Series B round, the startup that aims to detect cancer early on is looking for additional funding, CNBC reports. Prior to the $900 million round, Grail raised $100 million last year to develop initial studies of its blood test technology.
Citing sources, CNBC says Grail is mostly focused on sovereign funds. Grail has reportedly been in touch with Mubadala, Abu Dhabi’s $125 billion sovereign fund and private equity firm SoftBank. The plan is to use the additional funding for its breast cancer clinical trial, which it announced in April.
The additional funding may also go toward buying back some of its shares from Illumina, its parent company. Meanwhile, Grail’s merger with Chinese company Cirina reportedly cost more than $100 million.
I’ve reached out to Grail and will update this story if I hear back.